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. >>> speaking of the fiscal cliff, we know what the parameters of a deal in congress will look like, right? on taxes, republicans give in to raise taxes on the wealthiest 2% and democrats will agree to rein in tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes, that costs the federal budget more than $80 billion a year. why? because 7 of 8 states where taxpayers use the deductions that much are blue or democratic. new york, new jersey, pennsylvania, all blue with the highest state local -- state and local taxes taken out there and property taxes. the tax deductions on them benefit higher income taxpayers in states that consistently deliver for the democrats. i get the politics of this but democrats need to own up. they can't have their cake and eat it, too. in the end, we are all going to pay more or we are going to get less. if we're serious about the fiscal house in order. if demonstrates are serious about republicans to break with ideology and their party base, to vote for higher tax rates, democrats have to be willing to do the
. >>> speaking of the fiscal cliff, we know what the parameters of a deal in congress will look like, right? on taxes, republicans give in to raise taxes on the wealthiest 2% and democrats will agree to rein in tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes, that costs the federal budget more than $80 billion a year. why? because 7 of 8 states where taxpayers use the deductions that much are blue or democratic. new york, new...
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. >> trying to get two sides come together to come to a deal on the fiscal cliff. >> i don't know about young people's abilities to force cats and dogs and democrats and republicans to come together to find a deal. he had a much more profound message than just simply dancing in that clip, in that psa essentially. he was trying to alert young people to the fact that old people, bluntly, are organized. look at the army of aarp representatives that ensure that programs like medicare and social security, programs that take up something like 50% of our federal budget will remain intact and won't be subjected to the necessary reform to last for young people to ever reach them. the problem is that young people don't think life goes on after the age of 30. if you're on twitter and facebook, that's a long way away. why are you worried about entitlements? >> the funny thing is that president obama is using social media to do the exact same thing. for example, he will visit a virginia middle class family today. they were part of his twitter verse. that's why he chose them. he must think that talki
. >> trying to get two sides come together to come to a deal on the fiscal cliff. >> i don't know about young people's abilities to force cats and dogs and democrats and republicans to come together to find a deal. he had a much more profound message than just simply dancing in that clip, in that psa essentially. he was trying to alert young people to the fact that old people, bluntly, are organized. look at the army of aarp representatives that ensure that programs like medicare...
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with the fiscal cliff. brace yourself for a job number that could be even lower than the already weak forecast. i hope i am wrong about that. from the cnn money newsroom in new york, i'm ali velshi. that's it from me. same time tomorrow. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are you? aw! camera shy. snapshot from progressive. test-drive snapshot before you switch. visit progressive.com today. plays a key role throughout our lives. one a day men's 50+ is a complete multivitamin designed for men's health concerns as we age. it has 7 antioxidants to support cell health. one a day men's 50+. it has 7 antioxidants to support cell health. social security are just numbers thinkin a budget.d... well, we worked hard for those benefits. we earned them. and if washington tries to cram decisions about th
with the fiscal cliff. brace yourself for a job number that could be even lower than the already weak forecast. i hope i am wrong about that. from the cnn money newsroom in new york, i'm ali velshi. that's it from me. same time tomorrow. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are...
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cliff negotiations. president obama has said there will be no deal unless taxes are raised on the wealthiest americ americans. but staunch conservatives don't want any kind of new taxes. that's where speaker boehner's job gets really tough. on piers morgan tonight newt gingrich said if all else fails, go over the cliff. >> i think that no deal is better than a bad deal. i think going off this cliff is less dangerous than letting things build up for a year or two years to an even bigger cliff. i think that the president clearly has staked out a position of nonseriousness. and i think that it's very difficult for the house republicans right now to find any practical way to get his attention. so, he just won an election. he is feeling very good about himself. he is posturing brilliantly, putting the republicans in a corner. they need to relax. they don't have an election until november 2014. >> senior congressional correspondent dana bash joins me now. dana, can we expect fire woworkt the meeting this morni
cliff negotiations. president obama has said there will be no deal unless taxes are raised on the wealthiest americ americans. but staunch conservatives don't want any kind of new taxes. that's where speaker boehner's job gets really tough. on piers morgan tonight newt gingrich said if all else fails, go over the cliff. >> i think that no deal is better than a bad deal. i think going off this cliff is less dangerous than letting things build up for a year or two years to an even bigger...
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. >>> fiscal cliff talks hit a huge road bump. zinger and verbal jabs are flying while actual talks are at a stand still. president barack obama says republicans must agree to preserve a middle class tax cut as the first part of any deal and he likened republicans to scrooge today, while touring a pennsylvania toy factory. >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1st. every family, everybody here, you'll see your taxes go up on january 1st. i mean, i'm assuming that doesn't sound too good to you. that's sort of like the lump of coal you get for christmas. that's a scrooge christmas. >> the president's proposal calls for $1.6 trillion in new tax revenue. $50 billion for new stimulus spending. and about $400 billion in entitlement cuts. republicans say the president's opening bid is nothing but a political stunt. so where does that leave us? after months of hearing about the fiscal cliff, there are no signs of a compromise plan. let's bring in senior congressiona
. >>> fiscal cliff talks hit a huge road bump. zinger and verbal jabs are flying while actual talks are at a stand still. president barack obama says republicans must agree to preserve a middle class tax cut as the first part of any deal and he likened republicans to scrooge today, while touring a pennsylvania toy factory. >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1st. every family, everybody here, you'll see...
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Nov 29, 2012
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on the fiscal cliff unless both sides agree to raise rates on the wealthiest. that means raise tax rates for top earners. the reason that this is news is because there's been discussion publicly that perhaps they could find a rev new agreement where it would just involve capping deductions or maybe they could get to revenue just through tax reform, and with this piece of detail from that phone call yesterday, it would seem that the democrats, the president personally, is drawing a line saying those other ways are not enough. his campaign message that the top earners have to pay more, he is sticking to that line many these negotiations. >> jess, do we know how the republicans responded to this red line? >> well, speaker boehner was frustrated, wrovl, and came out with -- in his press conference today basically accusing the president of not leading on the issue. both sides are calling for the white house to come forward with spending cuts first, tell us where you are going to cut spending, before we, the republicans, will say whether we'll go along with you on ta
on the fiscal cliff unless both sides agree to raise rates on the wealthiest. that means raise tax rates for top earners. the reason that this is news is because there's been discussion publicly that perhaps they could find a rev new agreement where it would just involve capping deductions or maybe they could get to revenue just through tax reform, and with this piece of detail from that phone call yesterday, it would seem that the democrats, the president personally, is drawing a line saying...
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the fiscal cliff? >> listen, there's a framework that we presented to the white house two weeks ago. the framework is -- has been agreed to in terms of really a down payment on the end of this year. that would include spending cuts and it would include revenue. setting up a process for entitlement reform next year, and tax reform next year. but this was way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. [ inaudible question ] going over the fiscal cliff, you called serious business, extending the lower tax rates -- [ inaudible question ] >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal cliff. >> which is worse for the economy? [ inaudible question ] could you include a debt limit that is in the overall package? >> as i told the president a couple weeks ago, there's a lot of things i've wanted in my life, but almost all of them had a price tag a
the fiscal cliff? >> listen, there's a framework that we presented to the white house two weeks ago. the framework is -- has been agreed to in terms of really a down payment on the end of this year. that would include spending cuts and it would include revenue. setting up a process for entitlement reform next year, and tax reform next year. but this was way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. [ inaudible...
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markets around the world are up today, a sign of confidence that a fiscal cliff deal just might be in the works. we'll see. another positive sign for the economy, the broadest picture we can get of the economy's health, gdp, came in quite a bit better than expected in the third quarter. alison kosik at the new york stock exchange to explain. hi. >> reporter: hey, carol. so between july and september, the economy grew at a 2.7% rate. so that came in much better than second quarter's rate, which was 1.3%. and there's definitely good stuff here. you look deeper in the report, you find out the u.s. exported more than first thought. that's good. because we really need people in other countries to buy our stuff. that helps our economy. home building and strong corporate profits, that also helped our economy. but here's the thing. when you dig deeper in the report, past that headline number of 2.7%, you know, it's not all it's cracked up to be. businesses built up bigger inventories of their products last quarter. that helps the economy now, but the thing is, it means next quarter these busi
markets around the world are up today, a sign of confidence that a fiscal cliff deal just might be in the works. we'll see. another positive sign for the economy, the broadest picture we can get of the economy's health, gdp, came in quite a bit better than expected in the third quarter. alison kosik at the new york stock exchange to explain. hi. >> reporter: hey, carol. so between july and september, the economy grew at a 2.7% rate. so that came in much better than second quarter's rate,...